Black Iron Successfully Test Produces Iron Ore Pellets from Its Shymanivske Project
- Tests Confirm Ore from the Shymanivske Project Could Make A Commercial Quality Iron Ore Pellet - Pellets Produced Are High Quality Containing 65% Iron With 5% Silica and 0.001% Sulphur
Tuesday, October 11, 2011
TORONTO, ONTARIO--(Marketwire - Oct. 11, 2011) - Black Iron Inc. ("Black Iron" or the "Company") (TSX:BKI)(FRANKFURT:BIN) is pleased to report the results of initial independent pelletizing trials conducted by Mekhanobrchermet Laboratories ("MCM") in Kryiviy Rih, Ukraine on iron ore from Black Iron's Shmanivske project.
The results demonstrate that pellets made from Shymanivske ore meet or exceed all of the necessary chemical and physical characteristics of commercial-grade iron ore pellets.
After pelletization, the pellets returned the following chemical analysis:
Iron (Fe) content
Silica (SiO2) content
Sulphur (S) content
George Mover, Chief Operating Officer of Black Iron, commented, "These initial results are encouraging. The pellets produced satisfy all of the main physical characteristics for commercial pellets including high iron grade and contaminant levels well below acceptable cut offs. The data generated by MCM is expected to serve as a springboard for BBA and Hatch to use in their further development of the pellet plant flowsheet and cost estimates, which is one of two project development options being evaluated for our upcoming PEA/Scoping Study due in the fourth quarter of this year."
The process used to complete the small scale pellet production, as well as the quality assurance and quality control parameters, were developed by MCM independent of Black Iron. Additional process design and analysis will be required should the Company decide to commercialize iron ore pellets from Shymanivske. Black Iron anticipates reviewing this initial pelletizing data in conjunction with the ongoing PEA/Scoping Study. If Black Iron decides to move forward with the pelletizing option, it may conduct pilot scale pellet production to confirm the commercial viability of iron ore pellets. The Company remains encouraged by preliminary data that suggests that a premium quality iron ore pellet is possible using the Shymanivske ore.
About the Company
Black Iron is an iron ore exploration and development company advancing its 100%-owned Shymanivske project located in Krivoy Rog, Ukraine. This project contains a NI 43-101 compliant resource with 345 Mt measured and indicated resources grading 32% iron and 469 Mt of inferred resources grading 31% iron. The project is surrounded by five other operating mines including ArcelorMittal's iron ore complex. The Company believes that existing infrastructure, including access to power, rail and port facilities, will allow for a quick development timeline to production. Further, the Company holds an exploration permit for the adjacent Zelenivske project which it intends to further explore to determine its potential. Please visit the Company's website at www.blackiron.com or write us at email@example.com for more information.
The technical contents of this press release have been prepared under the supervision of and has been reviewed and approved by Farshid Ghazanfari, P.Geo., Chief Geologist, who is a Qualified Person as defined by NI 43-101. For further information, please see the technical report of the Company, which is available on SEDAR at www.sedar.com.
This press release contains "forward-looking information" which may include, but is not limited to, statements with respect to the expected effect of these results on the Company and its understanding of the project, the timing and amount of future exploration and development of the project, and the future financial or operating performance of the Company and its projects. Often, but not always, forward-looking information can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "believes" or variations (including negative variations) of such words and phrases, or by the use of words or phrases that state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.
Forward-looking information are based on certain assumptions and analyses made by the Company based on known facts at the time. Forward-looking information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company and/or its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained in this press release, including, without limitation those described in the Company's public disclosure documents which may be found under the Company's profile on SEDAR. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in such forward-looking information, there may be other factors that may cause actions, events or results to differ from those anticipated, estimated or intended. Should one or more of these risks or uncertainties materialize or should assumptions underlying such forward-looking information prove incorrect, actual results, performance or achievements may vary materially from those expressed or implied by the forward-looking information contained in this press release. The forward-looking information contained herein are made as of the date of this press release and the Company disclaims any obligation to update or review such information or statements, whether as a result of new information, future events or results of otherwise, except as required by law.
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